A Guide to Burning SHIB Tokens: Demystifying the Process
A member of the Shiba Inu team, Lucie, has shared important information about the proper process of burning SHIB tokens. In a recent post on X (formerly Twitter), Lucie provided a detailed guideline for SHIB users and investors on how to burn their tokens.
According to Lucie, before sending the SHIB token to a dead wallet, users should bridge the token back to the Ethereum network. This step is crucial to ensure the proper process. Lucie emphasized that bridging the SHIB token first on Ethereum and then burning it on Shibarium allows the original SHIB tokens to be locked in the bridge contract while a minted version is sent to Shibarium for burning.
Shib burn rates have been increasing as the Shibarium layer 2 network continues to grow. According to Shibburn, SHIB burn rates have risen by 193.46% in the last 24 hours, with approximately 56,436,887 SHIB tokens burned so far.
Shibarium Network and Its Growth
The Shibarium network experienced a significant surge in transactions, recording a 493% increase on October 26. Kuro SHIBArmy JPN, a prominent SHIB X account, shared a chart showing that daily transactions on Shibarium reached 62,560.
Currently, the total number of transactions on the Shibarium network is approximately 3,665,371, with over 1,256,600 active wallet addresses. The daily transactions on Shibarium have reached approximately 13,550.
Celebrating Milestones and Widespread Adoption
The Shiba Inu community members are celebrating the recent milestones achieved by Shibarium. These milestones highlight the strength of the growing network and its widespread adoption.
Hot Take: Shibarium’s Continued Growth and Adoption
The increasing burn rates and growing number of transactions on the Shibarium network demonstrate the rising popularity and adoption of SHIB tokens. By following Lucie’s guidelines, SHIB users can ensure a proper burning process that locks the original tokens while allowing for the burning of minted versions. As Shibarium continues to attract more users and gain momentum, it is poised to become a significant player in the crypto space. The achievements of Shibarium reflect the strong community support behind Shiba Inu and its potential for long-term success.
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